Endowment Claims and The ICA

Hugh_Shortfall

Through my own recent investigations I have found that the IFA that originally sold me my Standard Life policy in Nov 1989 in a branch of the Halifax Building Society was regulated by the Institute Of Chartered Accountants at that time.(I had no reason actually to assume he wasn't working for the Halifax when I decided to arrange a mortgage there)

As the company ceased trading three years ago I approached the SCFC to make a complaint to be told that I would not be covered by their scheme as the company wasn't regulated by the FSA, only recognised by it.Seemingly then Standard Life too will not have to deal with my complaint as the IFA was regulated. I have recieved advice on here recently that because of these particular circumstances I'm at the end of the road.

Q. Do the ICA themsevles not take on board complaints/claims for missold endowments against the IFA's that were under their regulation at the time in the same manner the FSA do ? I have written to them today , wondered if anyone has any experience of any ICA compensation scheme.

It seems I naively walked into a branch of the Halifax in '89 for all the right reasons of going with a well established and 'safe' company and walked out with an endowment and seemingly without any protection, how does this square with the FSA ?

Hugh_Shortfall

*BUMP*

Any thoughts folks ?

EdInvestor

Hugh_Shortfall wrote:

Through my own recent investigations I have found that the IFA that originally sold me my Standard Life policy in Nov 1989 in a branch of the Halifax Building Society was regulated by the Institute Of Chartered Accountants at that time.

Who told you this? Was it Standard Life?

As the company ceased trading three years ago I approached the SCFC

Do you mean the Financial Services Compensation Scheme (FSCS)?

...to make a complaint to be told that I would not be covered by their scheme as the company wasn't regulated by the FSA, only recognised by it.

What company was this exactly?

Seemingly then Standard Life too will not have to deal with my complaint as the IFA was regulated.

Standard would not be involved at all if it did not sell you the endowment, nothing to do with whether or not the salesman was regulated or by whom.

Q. Do the ICA themsevles not take on board complaints/claims for missold endowments against the IFA's that were under their regulation at the time in the same manner the FSA do ? I have written to them today , wondered if anyone has any experience of any ICA compensation scheme.

I don't know.Do let us know if you find out. Is (was) the ICA a regulator in 1989? Does the ICA still exist?

It seems I naively walked into a branch of the Halifax in '89 for all the right reasons of going with a well established and 'safe' company and walked out with an endowment and seemingly without any protection, how does this square with the FSA ?

If the salesman in question was regulated by a body which was not subsequently taken over by the FSA, then it's not relevant to the FSA.For instance, in Scotland, large numbers of endowments were sold ( and missold) by solicitors, who were regulated by the Scottish Law Society at the time.It's very difficult to get redress payments out of them too, and it's nothing to do with the FSA.

I'm a bit surprised to hear that you got flogged an endowment by a fully paid up accountant in a branch of the Halifax in 1989 though.Unusual, I'd have thought, one would expect him to be technically an employee of Standard life by that time.

Hugh_Shortfall

EdInvestor wrote:

Who told you this? Was it Standard Life?



Do you mean the Financial Services Compensation Scheme (FSCS)?



What company was this exactly?



Standard would not be involved at all if it did not sell you the endowment, nothing to do with whether or not the salesman was regulated or by whom.



I don't know.Do let us know if you find out. Is (was) the ICA a regulator in 1989? Does the ICA still exist?



If the salesman in question was regulated by a body which was not subsequently taken over by the FSA, then it's not relevant to the FSA.For instance, in Scotland, large numbers of endowments were sold ( and missold) by solicitors, who were regulated by the Scottish Law Society at the time.It's very difficult to get redress payments out of them too, and it's nothing to do with the FSA.

I'm a bit surprised to hear that you got flogged an endowment by a fully paid up accountant in a branch of the Halifax in 1989 though.Unusual, I'd have thought, one would expect him to be technically an employee of Standard life by that time.

Standard Life informed me (eventually) that the IFA - Broadbent Fish & Co. were regulated by the Institute Of Chartered Accountants.The firm worked out of a very busy Halifax branch in my local town, I presume then there will be many others in my position.
Yes I did mean FSCS (typing error), who can not deal with my case.

Yes the ICA still exists and I found out today they do indeed have a department set aside to deal with complaints over endowment mis selling.Anyone got any experience dealing with the ICA ?
My reasons are the usual, I am naturally risk aversive and wasn't explained the risks involved, I was informed that the morgage would definately be paid off, I was single at the time and had no dependents hence the unsuitable nature of life policy.

I think it odd that the Halifax themselves bear no share of responsibility for the position I am in. It's akin to buying a new car from a big dealership for a major manufacturer , VW say, and then finding out that actually it was 'Swiss Tony' who sold you the car in the dealership and he doesn't actually work for the company, so your warranty's void.